COMPANY MEETING
• ROYAL BANK OF SCOTLAND
ANNUAL GENERAL COURT OF PROPRIETORS
NE Annual General Court of Proprietors of The Royal Bank of Scotland was held at Edinburgh on Wednesday, November 29th, 1944, His Grace The Duke of Buccleuch and Queensberry, P.C., G.C.V.O., Governor of the bank, presiding.
Hal Grace said: I assume it is your pleasure that the annual report and balance-sheet, with auditors' report, which have previously been circulated, shall be taken as read.
BALANCE SHEET
Turning to our balance-sheet, deposits and other credit balances at 004,004,568 are a record, and are specially noteworthy for the fact that we have now passed the one hundred million mark. I can but add how much we wish that this fresh record had been achieved under happier circumstances. Our Note Circulation at L8,978,587 exceeds last year's total by over L1,350,000, and I would once more appeal to the public not to retain in their possession any more Bank Notes than are necessary for their normal requirements. The need for saving is still as great as ever, and I can think of no better way of caring for surplus cash than by lending it to the Government through the already well-known channels which exist for the purpose.
On the assets side you will observe that our position is again very liquid. Quick assets total £27,655,874, and these, with Treasury deposit receipts L12,500,000, represent almost 35 per cent. of our liabilities to the public. British Government securities at £45,258,835 are up on last year's total by nearly £2,000,000. These figures, in conjunction with an increase of £5,500,000 in Treasury deposit receipts, evidence sub- stantial support to Government needs. All our investments are valued at or under market prices ruling on 5 the date of our balance, and short and medium-dated loans form a high proportion of our Government investments. Our bill portfolio shows a modest decline of £85,395. The support of customers engaged in vital war work is still of paramount importance, and we are pleased to report an increase of £9i9,35o under advances on cash credit and current accounts.
PROFITS.
After providing for all taxation, profits show an increase of £7,658 which, I feel, must be considered satisfactory in view of the weight of taxation and increases in charges of management.
APPROPRIATIONS.
The directors are pleased to be in a position to recommend that a dividend for the half-year on the capital stock at the rate of seventeen per cent. per annum be declared ; that £3o,000 be carried to Property maintenance reserve account ; that L60,000 be contrikuted to the staff pension fund, and that the balance of £89,368 be carried to our inner :escrves against contingencies.
BUSINESS OF THE BANK.
The business of the bank continues to progress along sound lines. Our associated banks, Glyn, Mills & Company and Williams Deacon's Bank, also continue to prosper, and I would again commend to the attention of our numerous customers the direct services we are in a position to offer to them through our association with these -two institutions.
APPROVAL OF AcZouNTR—DIVIDEND.
I now beg to propose that the report, containing a statement of the recounts and balance sheet, be approved, and that out of the profits of the year a dividend at the rate of seventeen per cent. per annum for the half-year, under deduction of tax, be declared in conformity therewith. The report was approved and the Governor, extraordinary directors and the retiring ordinary directors were re-elected and the auditors were e-appointed for the ensuing' year.
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